Otis Worldwide (NYSE:OTIS) Given New $101.00 Price Target at JPMorgan Chase & Co.

Otis Worldwide (NYSE:OTIS) had its price target lifted by equities research analysts at JPMorgan Chase & Co. from $88.00 to $101.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 2.18% from the company’s previous close.

Several other research analysts have also recently commented on the company. Barclays reduced their target price on Otis Worldwide from $92.00 to $90.00 and set an “underweight” rating for the company in a research report on Friday, April 25th. Wells Fargo & Company reduced their target price on Otis Worldwide from $105.00 to $95.00 and set an “equal weight” rating for the company in a research report on Thursday, April 24th. Finally, Royal Bank of Canada reduced their target price on Otis Worldwide from $109.00 to $105.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Otis Worldwide presently has an average rating of “Hold” and an average target price of $100.71.

Otis Worldwide Trading Up 1.0%

Shares of Otis Worldwide stock opened at $98.85 on Friday. The company’s fifty day simple moving average is $98.02 and its 200-day simple moving average is $97.60. The company has a market cap of $39.01 billion, a price-to-earnings ratio of 24.35 and a beta of 1.01. Otis Worldwide has a 1 year low of $89.70 and a 1 year high of $106.83.

Otis Worldwide (NYSE:OTIS) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.01. The business had revenue of $3.35 billion for the quarter, compared to the consensus estimate of $3.41 billion. Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. Otis Worldwide’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the company posted $0.88 earnings per share. As a group, research analysts forecast that Otis Worldwide will post 4.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Otis Worldwide

In other Otis Worldwide news, insider Montlivault Stephane De sold 6,660 shares of Otis Worldwide stock in a transaction on Monday, March 10th. The stock was sold at an average price of $105.30, for a total transaction of $701,298.00. Following the completion of the transaction, the insider now directly owns 63,931 shares of the company’s stock, valued at approximately $6,731,934.30. This trade represents a 9.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in OTIS. JPMorgan Chase & Co. lifted its holdings in shares of Otis Worldwide by 41.0% during the third quarter. JPMorgan Chase & Co. now owns 28,076,031 shares of the company’s stock valued at $2,918,223,000 after acquiring an additional 8,161,946 shares during the period. SeaCrest Wealth Management LLC raised its holdings in shares of Otis Worldwide by 38.9% in the fourth quarter. SeaCrest Wealth Management LLC now owns 2,780 shares of the company’s stock valued at $257,000 after buying an additional 778 shares during the last quarter. Fifth Third Wealth Advisors LLC raised its holdings in shares of Otis Worldwide by 3.8% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 4,416 shares of the company’s stock valued at $409,000 after buying an additional 162 shares during the last quarter. Park Avenue Securities LLC raised its holdings in shares of Otis Worldwide by 58.4% in the fourth quarter. Park Avenue Securities LLC now owns 22,868 shares of the company’s stock valued at $2,118,000 after buying an additional 8,433 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Otis Worldwide by 45.9% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 718 shares of the company’s stock valued at $67,000 after buying an additional 226 shares during the last quarter. 88.03% of the stock is owned by institutional investors.

Otis Worldwide Company Profile

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.